Byblos Bank’s board of directors invited all shareholders for an ordinary annual general assembly that will be held at the bank’s headquarters in Ashrafieh, Elias Sarkis Avenue on May 15, 2015 at 11:30 a.m. The meeting’s agenda will include the approval of 2014’s financial statements, the discharge of the Chairman and Board members and the election of a new board of directors for 2015. During the same day, preferred shares holders are invited to the annual ordinary general assembly at 11:00 a.m. In addition, an invitation to the extraordinary general assembly will also be held at the bank’s headquarters during the same day mainly to discuss the insertion of article 34 bis in the Bank’s Articles of Association.
On another front, Byblos bank board announced a dividend distribution proposal following its meeting held on April 17, 2015. The distribution scheme will be submitted during the ordinary general assembly that will be held on the 15th of May, 2015. In details, the Board of directors suggested the distribution of LBP 200 per common share (before withholding tax). Meanwhile, holders of the bank’s Preferred 2008 and 2009 shares are to receive a similar remuneration of $8/share (before withholding tax). In case of approval, the net payments will be distributed on or about the 22nd of May to shareholders as at the record date of May 20, 2015, according to Midclear records. The ex-dividend date was set as the 18th of May.
Regarding GDR holders, LBP 200/Share will be disbursed in US dollars through the Bank of New York Mellon, after subtracting the withholding tax as well as other expenses starting the 27th of May.